Fed Governor Christopher Waller said yesterday, “we need to move to a much more restrictive setting” and do that “as quickly as possible.”
“I’m definitely in support of doing another 75 basis point hike in July, probably 50 in September, and then after that we can debate whether to go back down to 25s,” he added.
“Inflation is a tax on economic activity, and the higher the tax the more it suppresses economic activity,” Waller warned. “If we don’t get inflation under control, inflation on its own can place us in a really bad economic outcome down the road.”
